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Reliance Infra wants to buy stake in Pipavav for a whopping Rs 1,263 Crores

BI India BureauNov 16, 2015, 20:35 IST

Reliance Infrastructure has said it would make a Rs. 1,263 Crore open offer to acquire additional 26% stake in Pipavav Defence and Offshore Engineering Company on December 2nd.

In March this year, the Anil Ambani group firm had revealed plans to acquire controlling stake in Pipavav Defence for up to Rs 2,082 Crore.

The open offer, to be made by Reliance Infrastructure along with its wholly-owned subsidiary Reliance Defence Systems would open from December 2nd till December 15th.

Under the offer, they would acquire up to 19.14 Crore shares from the public shareholders of Pipavav at a price of Rs 66 apiece. This would value the deal at Rs 1,263.32 Crore.

Image credit: Indiatimes